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ARK and 21Shares make another attempt at a bitcoin etf approval

ARK INvest and 21Shares are making another attempt to get their collaborative bitcoin exchange-traded fund through the Securities and Exchange Commission (SEC). Cboe BZX Exchange has filed a rule change proposal to list the ARK 21Shares Bitcoin ETF, putting the SEC on the clock for another decision. Cboe filed the proposed rule change on May 13 of this year and the document was published to the federal register yesterday, meaning a decision or extension can be expected around July 9. …

SEC seeks additional comments on WisdomTree’s Bitcoin ETF proposal

The Securities and Exchange Commission has asked for additional comments on issuer WisdomTree’s proposal to list a spot bitcoin exchange-traded fund (ETF). WisdomTree refiled for a spot-bitcoin product in February of this year after receiving a rejection in December 2021. At the time, the SEC cited a lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. The December rejection was the second in a wave of denials from the US …

Grayscale notes SEC inconsistency in latest case for spot bitcoin ETF

Asset manager Grayscale has made a new appeal to the Securities Exchange Commission to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund (ETF).  In a letter to the agency dated April 18, Grayscale’s legal counsel Davis Polk & Wardwell noted that the SEC’s recent approval of the so-called Teucrium Bitcoin Futures Fund provides a basis on which it should approve Grayscale’s own spot-based ETF product.  “We believe the Teucrium order confirms the fundamental point made in our November 29, …

Nasdaq survey indicates financial advisors are eager for a spot crypto ETF

Financial advisors surveyed by Nasdaq said that the existence of a spot crypto exchange-traded fund (ETF) would encourage them to invest more in crypto. Nasdaq surveyed 500 financial advisors who are either investing client assets in crypto or considering it and found that 72% of them would be more likely to do so if there was a spot ETF product available. The study was announced on Monday and also found that a much smaller percentage (38%) of respondents believed regulators …

SEC shoots down Ark 21Shares in latest spot bitcoin ETF rejection

The ARK Investments and 21Shares collaborative spot bitcoin exchange-traded fund (ETF) has reached the end of the line with a rejection order from the Securities and Exchange Commission (SEC). The firms proposed the ARK 21Shares Bitcoin ETF, a joint submission that set 21Shares as the sponsor of the trust and ARK as the lead in marketing the shares. The firms first filed in June of 2021. Cboe BZX Exchange subsequently filed a rule change to list the product, putting the …

SEC punts on WisdomTree, One River spot bitcoin ETF proposals

The Securities and Exchange Commission (SEC) has punted on two more spot bitcoin exchange-traded fund (ETF) proposals, this time from issuers WisdomTree and One River. WisdomTree received a rejection for its filing in December but has since resubmitted. The firm submitted the new proposal in February, making the 45th day after publication to the federal register – the first deadline for an SEC decision – comes on March 31. This order designates an additional 45 days to consider the new …

SEC rejects Fidelity’s proposed spot Bitcoin ETF

Another spot bitcoin ETF proposal — this time from investment giant Fidelity — has been sidelined by the Securities and Exchange Commission. The SEC handed down its disapproval Thursday morning, according to a newly released filing. As has been the case in recent months, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal put forward by Cameron and Tyler …

SEC rejects proposed spot Bitcoin ETF from First Trust and SkyBridge

The US Securities and Exchange Commission has shot down another spot bitcoin exchange-traded fund proposal, this time from First Trust and SkyBridge Capital. As previously reported, First Advisors and the Anthony Scaramucci-led SkyBridge Capital joined the fray in seeking approval for a spot bitcoin ETF in March 2021.  Yet as was the case with VanEck’s bitcoin ETF rejection in November, the SEC, in its latest statement, honed in on fraud and manipulation prevention risks as well as investor protection.  Indeed, …

SEC delays decision on NYDIG’s bitcoin ETF proposal

The Securities and Exchange Commission (SEC) has delayed on another spot bitcoin exchange-traded fund (ETF), as an extension notice for NYDOG’s Bitcoin ETF hit the register today. “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised in the comments that have been submitted in connection therewith,” said the …

A look back at the biggest bitcoin ETF news of 2021

Many hoped 2021 would be the year of the bitcoin exchange-traded fund (ETF), and in some ways it was. Though the industry ultimately did not successfully advance a spot bitcoin ETF through the Securities and Exchange Commission (SEC), the US did see its first crypto ETF in the form of a futures-based product. In this piece, The Block takes a look through key events in 2021 to see where the question of SEC approval lies for 2022. April It all …